October Second Week AI Concept Stock Market Panorama: Capital Flows Reveal Investment Logic Reconstruction
In the second week of October 2026, the AI concept stock market showed a clear pattern of capital differentiation. With the continuous iteration of artificial intelligence technology and the continuous expansion of application scenarios, the investment logic of the capital market for AI concept stocks is undergoing profound reconstruction. According to the latest market monitoring data, main funds continued to withdraw from the computing power chain sector this week, while also pouring into DeFAI application layers and smart risk control fields. This trend not only reflects the market's re-evaluation of the application value of AI technology, but also indicates that AI investment is shifting from the "concept speculation" stage to the "value implementation" stage.
Computing Power Chain Sector Continues to Face Pressure, Capital Withdrawal Trend Obvious
In the second week of October, the AI computing power chain sector continued to face capital pressure. Data shows that the computing infrastructure sector, represented by AI chips, servers, and data centers, had a net capital outflow of 1.87 billion yuan this week, an increase of 5.2 percentage points compared to last week. This phenomenon is driven by multiple factors: on the one hand, the expectation of monetary policy tightening in major global economies has increased, and high-value sectors face valuation pressure; on the other hand, computing power construction has entered a relatively mature period, and the problem of overcapacity caused by excessive expansion in the early stage is gradually emerging, and market expectations for the profitability of the computing power chain are becoming more rational.
From the perspective of individual stock performance, leading stocks in the computing power chain generally adjusted this week, with some stocks falling by more than 8% weekly. Market analysts point out that the adjustment of the computing power chain does not mean the deterioration of the fundamentals of the AI track, but rather the reconstruction of the market's investment logic for AI—from simple "computing power worship" to focusing on the actual value of AI applications. As an AI industry researcher at a large securities firm said: "Computing power is the infrastructure of AI, but real value creation comes from the application implementation of AI technology. As application scenarios such as DeFAI mature, market capital will naturally flow to more certain fields."
DeFAI Application Layer Becomes the New Favorite of Capital, Institutions Counter-trend Layout
In sharp contrast to the computing power chain, the DeFAI application layer sector attracted a large amount of main capital inflows this week. Data shows that the DeFAI application layer sector had a net capital inflow of 2.23 billion yuan this week, an increase of 15.8% compared to last week, becoming the most favored subdivision in AI concept stocks. Among them, AI-driven decentralized lending protocols, smart risk control systems, and RWA (Real World Assets) on-chain solutions performed particularly prominently.
From a market performance perspective, leading stocks in the DeFAI application layer generally rose this week, with some stocks gaining more than 12% weekly. Particularly noteworthy is that many well-known institutions increased their positions in DeFAI-related stocks this week, including top investment institutions such as Hillhouse Capital and Sequoia Capital. Institutional research reports show that the reasons DeFAI application layers are favored by institutions are mainly based on the following considerations:
- Clear Application Scenarios: DeFAI combines AI technology with DeFi, solving core pain points in traditional DeFi such as credit assessment and risk pricing, with clear application scenarios and practical value.
- Sustainable Business Model: Unlike the high capital investment in the computing power chain, the DeFAI application layer has light asset characteristics, a more sustainable business model, and clearer profit prospects.
- Policy Friendly: As countries gradually clarify AI regulatory frameworks, DeFAI, as an actual application of AI technology, is more likely to receive policy support than pure computing power projects.
- Valuation Advantage: After the previous adjustment, the valuation of the DeFAI application layer is in a relatively reasonable range, with high safety margin and growth space.
Smart Risk Control and RWA Track Value Re-evaluation
Within the DeFAI application layer, smart risk control and RWA (Real World Assets) on-chain solutions have become the two most concentrated subdivision tracks for capital inflows this week. Data shows that the smart risk control sector had a net capital inflow of 980 million yuan this week, and the RWA track had a net capital inflow of 850 million yuan, together accounting for nearly 82% of the capital inflows in the DeFAI application layer.
The rise of the smart risk control sector is closely related to breakthroughs in AI technology in the financial risk control field. The risk control systems of traditional financial institutions often rely on historical data and manual experience, making it difficult to cope with complex and changing market environments. AI-driven smart risk control systems, through technologies such as machine learning and deep learning, can analyze massive data in real-time, accurately identify risk points, and significantly improve risk control efficiency and accuracy. This week, many smart risk control concept stocks announced cooperation progress with mainstream financial institutions, further strengthening market confidence in their business prospects.
At the same time, the RWA track has also received high attention from capital. RWA (Real World Assets) refers to tokenizing traditional financial assets such as real estate, bonds, and equity through blockchain technology to achieve on-chain trading and circulation. The application of AI technology in the RWA field is mainly reflected in asset evaluation, risk pricing, and liquidity management. This week, several RWA platforms announced AI-driven asset evaluation systems, significantly improving the accuracy and efficiency of asset pricing, attracting the attention of many institutional investors.
October AI Investment Logic Reconstruction: From "Computing Power Faith" to "DeFAI Implementation"
The changes in capital flows of AI concept stocks in the second week of October clearly reveal the reconstruction process of market investment logic. From "computing power faith" to "DeFAI implementation", this transformation reflects the deepening of the capital market's cognition of the value of AI technology.
In the past two years, investment in AI concept stocks has been concentrated in the computing power chain, because AI large model training requires a large amount of computing power support, and computing infrastructure is regarded as the "rigid demand" for AI development. However, with the popularization of AI technology and the expansion of application scenarios, the market has gradually realized that the real value creation of AI lies in the application of technology in actual scenarios, rather than simply infrastructure construction. DeFAI, as a combination of AI technology and DeFi, embodies this trend—AI technology solves core pain points in DeFi, while DeFi provides practical application scenarios and value capture mechanisms for AI technology.
Market analysts point out that this reconstruction of
